Just Between Strangers

musings tossed into the void . . .

Wednesday, June 15, 2005

Out of the mouths of... whom?

There's a growing gap between rich and poor in our society, as marked by the relative lack of increase in wages among most working folk ("nonsupervisory workforce"). But that isn't usually something you expect to hear remarked by Alan Greenspan!

The result of this, said Greenspan, is that the US now has a significant divergence in the fortunes of different groups in its labor market. "As I've often said, this is not the type of thing which a democratic society - a capitalist democratic society - can really accept without addressing," Greenspan told the congressional hearing.

Of course, his solution is more education (so that companies can have more supervisors? hmmm...) rather than more progressive economic policies, but at least he's acknowledging that the capitalist machine isn't running to perfection on its own.